The Transformation of Donald J. Trump

The president-elect has dialed back a few of his controversial stands. But he seems tone deaf on one key issue.

Just as Ebenezer Scrooge morphed on Christmas week from a snarling grouch to a pussycat, Donald J. Trump has morphed this Thanksgiving week from a hard-line candidate to a nuanced, malleable president-elect. The evolution of Trump over the next four years unquestionably will be the most intriguing story we’ve ever covered.

Our morning missives are directed to investors who surely have much to be thankful for: a return to pro-growth policies and less intrusive regulations -- and this week’s Trump pivot has other major...